Coway established the ESG Committee within the Board of Directors (BOD) in August 2021 to achieve sustainable growth by defining and practicing ESG strategies and core values related to the environment, society, and governance, in accordance with the Articles of Incorporation and the BOD Regulations. As the highest decision-making body related to the environment, society, and governance, the ESG Committee aims to create an active and transparent ESG management culture and enhance long-term corporate value. The main roles of the ESG Committee include setting ESG management goals and strategic directions, managing major risks, and supervising overall ESG management activities, thereby making core decisions for Coway's ESG management.
Structure of Governance
Implementation System
Coway’s ESG system consists of three bodies, including the ESG Committee, ESG Consultative Group, and ESG Working Group. The ESG Committee is the highest decision-making body, composed of two Independent Directors and the CEO. It performs deliberations, takes decisions, and reviews major ESG issues to suggest strategic directions for sustainability management. The ESG Council monitors major issues, conducts detailed discussions on issues such as ESG strategies and policies, goal establishment, and improvement tasks based on the materiality of ESG-related issues, and submits the agenda to the Committee. The ESG Working Group analyzes ESG trends and changes in regulations, consults with outside experts and stakeholders, and supports the ESG Committee and ESG Consultative Group. Coway will expand its business competitiveness through ESG management throughout its business and strive to establish its presence as a respected company that pursues mutual growth with stakeholders.
ESG Organization of Coway
Roles of Coway’s ESG Consultative Organization
| Category | ESG Committee | ESG Council | ESG Working Group |
|---|---|---|---|
| Role |
Deliberation, resolution, and review |
Submission of the agenda to the Committee Discussion on and reporting of general ESG related issues |
Agendas reporting and operational execution ESG operational support/training |
| Details |
Resolution and review of major issues |
Setting ESG strategies, policies, and goals Proposal of agendas based on the status of ESG initiatives ESG related issues monitoring |
ESG Committee and ESG Council operation ESG operational policy training ESG improvement task proposal and discussion ESG trend analysis |
ESG Management Vision
Company Caring for a better Earth
Company Caring for a better Earth
Plans 2030 for a better Earth
Plans 2030 for a better Earth
Core Values
Environmental
Establishment of carbon neutral management system
Social
Respect for human rights and diversity of members
Governance
Maintenance of transparent and sustainable governanceMid-to Long-term Goals and Strategies
Coway has been committed to sustainable management long before the establishment of the ESG Committee.
Beginning with the declaration of business ethics and environmental management in 2006, we implemented a sustainable management system.
In 2009, we set voluntary targets for reducing greenhouse gas (GHG) and have since been at the forefront of environmental management practices.
Over time, we expanded our ESG management scope to include privacy protection systems and fostering shared growth with business partners.
In 2016, the establishment of the Infinite Responsibility Committee further strengthened our commitment to product responsibility and enhancing customer trust.
By 2021, we had developed a mid-to-long-term GHG emission reduction plan and announced our goal of achieving carbon neutrality (Net-zero) by 2050.
In 2023, we demonstrated our dedication to stakeholders by disclosing key tasks and goals for each area of ESG management.
Coway's steadfast efforts to create sustainable value are deeply rooted throughout our business value chain, shaping a brighter future.
Annual ESG Goals
2006
Declaration of business ethics and environmental management
2009
Setting GHG reduction targets
2021
2050 Net-zero commitment
2022
Establishment of ESG management vision and long-term strategy
2023
Setting major goals for each ESG area
2024
Conversion of worksite (Incheon Factory) to renewable power generation (RE100)
2030
Reduce carbon emissions by 50%
2050
Achieve Net-zero
Major ESG related Tasks
In 2023, Coway’s ESG Committee and other relevant organizations selected major tasks for each ESG-related area to meet the demands of the international community regarding corporate ESG. These major tasks will be monitored annually under the mid- to long-term strategy, aiming to respond to these demands and strengthen the competitiveness in the global market.
Major ESG Related Strategies
